From the pages of The Financial Times: Macri stumbles, Economic Disaster follows! Political Observer comments

The Greek Chorus in this latest installment of The Argentine Political Crisis, 2019 Edition is made up of Economic Technocrats, representing those Investment Houses, left high and dry with the election of  Néstor Kirchner and his successor Cristina and their ‘Economic Populism’. Nothing spooks these ‘experts’ like any possible return of a De Kirchner to power! The membership of the chorus does not evoke surprise

‘said Greg Lesko, a portfolio manager at Deltec Asset Management.

‘Eddy Sternberg, a portfolio manager for emerging markets debt at Boston-based asset manager’

‘said Paul McNamara, a fund manager focused on emerging markets at GAM.Bloomberg data show’

‘said Tiago Severo, economist at Goldman Sachs.’

‘warned Yerlan Syzdykov, the global head of emerging markets at Amundi Asset Management.’

What grabs the readers attention is the graphic of the Argentine Century Bond losing its value!

What can the reader make of the fact that the Argentine peso went into near free fall, less that a year and a half after Macri election? Or that Pratt-Gay was fired in December of 2016.

Headline:Argentina finance minister axed on economic uncertainty 

Sub-headline: President requests resignation of Prat-Gay due to ‘differences’ in department

https://www.ft.com/content/2d82da08-cb8c-11e6-864f-20dcb35cede2

That Macri’s Austerity Lite didn’t work is a thought that will never occur to this newspaper’s editors  nor its ‘reporters’ .

If the reader is looking for a bit more doom and gloom she need only look to this Andrés Oppenheimer essay from July 31, 2019:

Headline:Argentina will become a hopeless country if Cristina Fernandez wins

Argentina’s populist former president Cristina Fernandez de Kirchner — who is nominally running for vice-president, but is the indisputable No. 1 on her ticket — is leading in most polls for the Aug. 11 primaries, and for the October presidential elections.

If her ticket wins and ousts the current president, Maurcio Macri, Argentina will sink into an even deeper economic crisis.

That’s my conclusion after getting internal statistics from international financial institutions. They confirm what some independent Argentine economists have been saying for a long time.

The figures show that Argentina is an unviable country — a nation that spends much more than it produces. They also show that the bulk of the country’s current economic hardship is a legacy of the governments of late President Nestor Kirchner (2003-2007) and, his widow, Cristina Fernandez (2007-2015.)

https://www.miamiherald.com/news/local/news-columns-blogs/andres-oppenheimer/article233335402.html

Political Observer

https://www.ft.com/content/e135af72-bcf1-11e9-89e2-41e555e96722

 

 

 

 

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer. 'Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.' https://www.lrb.co.uk/v15/n20/perry-anderson/diary
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